Get Form 1118 2012

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The main difference lies in who uses each form. Form 1116 is primarily for individuals, whereas Form 1118 is designed for corporations. Both forms help claim foreign tax credits, but they cater to different entities and have unique requirements. Understanding these differences ensures you complete the correct form.

On Schedule J (Form 1118), the column headings and lines used to report "other income" have been revised to require taxpayers to identify each item of other income. In these instructions, the Computer-Generated Schedule section, below, has been revised to indicate how each item of other income is to be identified.

Schedule I (Form 1118), Reduction of Foreign Oil and Gas Taxes. Use Schedule I (Form 1118), (a separate schedule) to compute reductions of taxes paid, accrued, or deemed paid on foreign oil and gas income.

It is used to claim a credit for income taxes paid to a foreign country on which U.S. taxes are also paid on the same income. Form 1118 is to be used by any corporation subject to U.S. tax on its income where the same income is subject to an income tax in another country.

Who Must File Form 1118? Form 1118 is used by foreign corporations subject to US taxation on their income if the same income is subject to an income tax in another country.